Bitcoin Drops Below $30K For First Time In Month- CoinDesk

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CoinDesk 19 July, 2021 - 10:18pm 29 views

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On July 18, the Grayscale Bitcoin Trust (GBTC) will be unlocking shares valued at 16,240 BTC. Economic TimesCrypto Week at a Glance: Crypto market feels the blues as GBTC shares unlock

Wall Street is seeing "too much froth" and current virus jitters are triggering widespread panic selling of every top performing asset, including bitcoin, said one analyst.

The cryptocurrency was trading around $29,998 at press time and is down about 5% over the past week.

Bitcoin has been locked in the broad price range of $30,000 to $40,000 since mid-May, and briefly broke below the $30,000 mark on June 22. The cryptocurrency fleetingly traded at $29,700 a day after the People’s Bank of China ordered the country’s major financial institutions to stop facilitating crypto transactions.

“I am expecting a strong dip towards $22K,” said Patrick Heusser, head of trading at Crypto Finance AG, in a telegram interview on Monday.

Wall Street is seeing “too much froth” and current virus jitters are triggering widespread panic selling of every top performing asset, with bitcoin being right at the top of this list, according to Edward Moya, senior market analyst at Oanda.

Moya said that bitcoin could be vulnerable to a flash crash towards the $20,000 level which “should attract many institutional buyers that have been waiting patiently on the sidelines,”

“If the stock market selloff intensifies, bitcoin and Ethereum will easily extend their declines,” said Moya.

Katie Stockton, founder and managing partner of Fairlead Strategies, said that the consolidation phase bitcoin is currently experiencing is “neutral.”

But in her view, she said, “a breakout is more likely than a breakdown.”

In April, the bitcoin network was “so vibrant, it wasn’t difficult supporting prices above $50K,” said Charles Morris, founder of ByteTree Asset Management.

However, in recent weeks, Morris said, the level of network activity has collapsed.

“Now it is more in keeping with a $15K bitcoin price than a $50K,” he said.

Bitcoin peaked just below $65,000 in mid-April.

Read full article at CoinDesk

Bitcoin posts outflow for 2nd straight week -CoinShares data

Yahoo Singapore News 19 July, 2021 - 11:33am

  NEW YORK (Reuters) - Bitcoin investment products and funds registered outflows for a second consecutive week, according to data from digital asset manager CoinShares released on Monday, highlighting investors' cautious sentiment on the cryptocurrency sector as prices continued to stall. 

  Bitcoin outflows hit $10.4 million in the week ended July 16, after outflows of $6.9 million the previous week. For the month of July, bitcoin outflows amounted to $15 million, though inflows for the year were still a robust $4.2 billion. 

  The overall crypto sector had net inflows of $2.9 million in the latest week, data showed. 

  The world's largest cryptocurrency in terms of market capitalization was down 12.1% in price this month. On Monday, it was testing a key support of $30,000 and was last down 3.4% at $30,694. 

  "Bitcoin is looking precarious and is trading lower alongside global markets as concerns of economic recovery rise," said Pankaj Balani, chief executive officer at derivatives trading platform Delta Exchange. 

  "The volatility has also started to spike up... We can see sharp moves on the downside if bitcoin breaks below $30,000 convincingly," he added. 

  That said, James Butterfill, investment strategist at CoinShares, pointed out that bitcoin outflows last week were minimal relative to May and June this year. He also believes that the timing of some of the crypto investment product launches, in which investors gained access for the first time, has led to recent profit-taking. 

  Ether-based investment products and funds, the token used for the Ethereum blockchain, had $11.7 million in net inflows last week. So far this year, ether inflows were close to $1 billion. 

  Ether's price, however, was down 20% against the U.S. dollar, and was last 4% weaker at $1,819. 

  Grayscale remains the largest crypto asset manager, but has seen its assets under supervision slide further, to $27.681 billion. 

  CoinShares, the second-biggest digital asset manager, saw its AUM dip to $3.1 billion from $3.3 billion the previous week. 

  (Reporting by Gertrude Chavez-Dreyfuss; Editing by Dan Grebler) 

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